Holliday Fenoglio Fowler, L.P. (HFF) announces the sale and financing of Loyal Plaza, a 293,607-square-foot, value-add shopping center anchored by GIANT Food Stores and Kmart in the northern Pennsylvania community of Williamsport.
The HFF team marketed the property on behalf of the seller. PAG Investments purchased the asset. Additionally, HFF worked on behalf of the new owner to secure a floating-rate acquisition loan.
Anchored by GIANT and Kmart, the 94.1-percent-leased Loyal Plaza is also home to Dollar Tree, Verizon Wireless, Staples, Great Clips, BB&T Bank, Rite Aid and Red Lobster, among others. Situated at 1915-1965 East 3rd Street, Loyal Plaza is visible to more than 23,000 vehicles per day. The center is in Williamsport, the primary economic center of Lycoming County, and is less than one mile off Interstate 180, which provides easy access to Interstate 80.
The HFF team representing the seller included managing director Chris Munley and director Michael DiCosimo.
HFF’s debt placement team representing the borrower included managing director Michael Klein and director Neil Campbell.
“In addition to a high-performing grocery anchor and value-add opportunities through re-tenanting, Loyal Plaza is positioned on strong fundamental real estate,” Munley said. “The sale was a highly competitive process with a good depth of regional and national buyers.”
“We were able to secure a short-term loan that enabled PAG to acquire Loyal Plaza and provide them with the necessary time and funds that will be required to unlock the value of this shopping center,” Klein added.
About PAG Investments
PAG investments is a privately-held real estate investment firm headquartered in New York City. PAG is focused on the acquisition, development, redevelopment and management of retail, industrial and office properties in the Northeast and mid-Atlantic. PAG has an excellent track record in the ownership and management of real estate assets and seeks to create value for investors, apartments and the communities in which we work and live.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
